A more thorough explanation:

Definition: Clearings refer to checks or other items that are drawn on a local bank and presented for payment through a clearing-house or directly to the drawee bank.

For example, if you write a check to pay for something, the person or business you wrote the check to will deposit it into their bank account. The bank will then send the check to your bank for payment. This process of exchanging checks and settling balances between banks is called clearing.

Clearinghouse is a place where banks exchange checks and drafts and settle their daily balances. It can also refer to a stock-and-commodity exchange where brokers' daily transactions are cleared. Additionally, it can be any place for the exchange of specialized information.

For instance, the New York Stock Exchange is a clearinghouse for stock transactions. It facilitates the exchange of stocks between buyers and sellers and ensures that the transactions are settled correctly. Another example is the National Student Clearinghouse, which is a nonprofit organization that provides educational verification and enrollment services to colleges and universities.